Staffing 360 Solutions pre-announces fiscal Q1 revenue of $33.4m
This represents sequential revenue growth of more than 30% over the $25.6 million the Company reported in the previous quarter, which ended May 31, 2014. Likewise, due to the five acquisitions completed over the past year, this represents a year-over-year increase in revenue from $1.3 million in the quarter ended August 31, 2013 to approximately $33.4 million in the quarter ended August 31, 2014 -- a 24-fold improvement. The Company will announce its full financial results for the August 2014 quarter on Monday, October 20, 2014, along with an earnings conference call on Tuesday, October 21, 2014.
"We are pleased to announce revenue that is over $30 million greater than our August quarter in 2013," stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. "This is a major testament to our consolidation strategy. In line with expectations, we anticipate reporting a net loss for the quarter, however we expect it to be a significant improvement from the previous quarter. As Staffing 360 continues to complete acquisitions, we remain highly focused on boosting our top line and reducing costs as we pursue what management has described as our 'Pathway to Profitability.' We look forward to sharing our latest quarterly financial results with the investment community on our upcoming earnings conference call."
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million. The five acquisitions the Company has completed represents a key validator of this strategy's successful implementation.
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